Which statement about renewable and non-renewable resources is most accurate
A. The price of a renewable resource is the present value of its expected next-period price.
B. Land is considered a renewable resource.
C. The known stock of a non-renewable resource must decrease as the resource is used.
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At an output quantity equal to 250, a monopoly firm faces a demand curve with a price (P) of $50, a marginal cost (MC) and marginal revenue (MR) equal to $10, and an average total cost (ATC) equal to $12. The economic profit for this monopoly firm is closest to:
A. $12500.
B. $10000.
C. $9500.
Which of the following most accurately describes the Monetarist school of macroeconomic thought in relation to aggregate demand and aggregate supply Monetarists believe that the money supply should be:
A. Increased during inflationary periods and reduced during recessionary periods.
B. Increased by a constant rate annually.
C. Reduced during inflationary periods and increased during recessionary periods.
Monopolistic competition differs from pure monopoly in that:
A. barriers to entry are high under monopoly, but low under monopolistic competition.
B. monopolistic competitors are price takers, monopolists are not.
C. monopolistic competitors face downward sloping demand curves, monopolists do not.
Which of the following statements about a monopolist is least accurate
A profit-maximizing monopolist will expand output until marginal revenue equals marginal cost.
B. A profit-maximizing monopolist will supply less of his product than the amount consistent with the conditions of ideal static efficiency for an economy.
C. A monopolist will always be able to earn economic profit.
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